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[You need money to make money in trading]
After years of studying successful traders, here’s what I’ve realized…
Most of them have multiple sources of income.
Why?
Because if trading is your only source of income, you will have the need to make money every month.
This causes you to make poor trading decisions like widening your stop loss, averaging into losers, trading too large, etc.
And that’s why many professional traders do not rely on trading as their only source of income.
Don’t believe me? Let me prove it to you…
Ed Seykota, a Market Wizard, has a trading tribe that costs $99/month.
Mark Minervini, a Stock Market Wizard, offers a master trader program that costs $5000.
Most hedge funds (even the best ones) charge a management fee every year—even if it’s a losing year.
To put things in perspective, if you run a billion-dollar hedge fund and take a 1% management fee, it means you get $10m a year—guaranteed.
As you can see, professional traders and hedge funds structure their trading in a way that it’s not their only source of income.
But wait, that’s not all because…
If you have multiple sources of income, then you can use the “extra” money you’ve got to increase the size of your trading account.
Because with a larger account size, you can make more money from trading.
Here’s an example, let’s say your average return is about 20% a year.
This means…
— On a $1,000 account, you’ll make about $200 per year
— On a $100,000 account, you’ll make about $20,000 per year
— On a $1m account, you’ll make about $200,000 per year
See my point?
If you manage your risk, your profits will take care of itself.
If you don't, your parents will take care of you.
[You must have realistic expectations when it comes to trading]
Most people don’t have a realistic expectation of trading.
They assume they could take a weekend course, master a few chart patterns, and then start generating an income from the markets.
But here’s the truth:
Trading requires a professional skillset just like doctors, engineers, lawyers, etc.
You don’t graduate from medical school after a weekend course or become an engineer by learning a few mathematical formulas.
There’s a steep learning curve involved and you need time to gain proficiency (at least a few years or more).
And it’s the same for trading.
You don’t become a trader just by memorizing a few patterns, setups, etc.
Yes, you could make money from clicking the mouse but, there’s more to it that goes on behind the scenes (like developing your edge, risk management, position-sizing, etc.).
So, give yourself time to learn how to trade.
Don’t look for shortcuts. Don’t try to get rich quick. And don’t think you could quit your job soon.
No one can consistently predict the markets, call tops and bottoms.
So just follow price. Ride winners. Cut losers.
You'll be much further ahead than trying to outsmart the market.
Disadvantages Of A Trailing Stop Loss (An Explanatory Guide)
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How To Tell When Support Will Break
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[STARTING IN 2 DAYS]
Do you want to learn how to systematically beat the markets? Then this live webinar is for you.
During this 2-hour event, you’ll discover systematic trading strategies that work so you can beat the markets—even if you have tried everything else and failed.
The best part?
You don’t have to analyze financial reports, study chart patterns, or follow the news.
Learn more: https://www.tradingwithrayner.com/sts/
How To Tell When A Trend Will Reverse
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To be a winning trader, you’ll need this one thing…
Here’s a clue:
— It’s not technical analysis
— It’s not price action trading
— It’s not trading psychology
It’s this…
Your trading strategy must have an edge in the markets.
You’re probably wondering:
“What does this mean?”
Well, here’s an example:
Let’s say I make a coin-toss bet with you.
— Every time the coin comes up heads, you win $2.
— Every time the coin comes up tails, I lose $1.
In the long-run, who will win?
You, of course!
Why?
Because you have an edge over me.
And this is the same for trading!
You must have an edge in the markets because without it, nothing else matters.
You’re thinking:
“But how do I find an edge in the markets?”
The easiest way is to leverage the work of other traders, so you don’t have to reinvent the wheel.
So, go and read trading books that contain trading systems with backtested results.
(Based on my experience, these trading systems have a good chance of working in the live markets.)
Then, take the concepts of these trading systems and validate them on your own so you know whether it works, or not.
You shouldn't think about how much money you're going to make this week.
Instead, you should ask yourself:
Do I have a plan that keeps me in this business for the next 20 years?
If you do, the money will take care of itself.
9 things professional traders do that losers don't
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Price Action Trading: 6 Things To Look For Before You Place A Trade
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Do you want to read candlestick patterns like a professional trader?
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You'll discover how to "predict" market turning points and better time your entries & exits—even if you have no trading experience.
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How Long Does It Take To Be A Profitable Trader?
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How to use Moving Average to better time your entries, set proper stops, and ride massive trends
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The Ultimate Guide To Tweezer Tops
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Parabolic Stock Trading Strategy (The Essential Guide)
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The NO BS Guide To ROC Indicator
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The Ultimate Guide To Supertrend Indicator
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[You’re always a student of the markets]
Here’s my story…
I started with price action trading in my early years of trading. I dived deep into topics like candlestick patterns, support & resistance, chart patterns, etc.
After I had a firm grasp of price action trading, I wondered to myself…
“How do hedge funds and institutions trade the markets?”
This brought me to the world of Trend Following—how billion-dollar hedge funds profit in bull & bear markets.
At this point, I realized Trend Following is only one type of systematic trading strategies.
As I dug deeper, I discovered more trading systems that could profit in different market conditions—which incentivized me to build my own trading systems.
The best part?
I’m still learning every day even though I’ve been trading for more than a decade now.
So my point is this…
As a professional trader, you will always be a student of the markets.
Because there are new trading strategies to learn, emotional demons to conquer, and market changes to adapt to.
The day you stop learning is the day you start failing—don’t let that happen to you.
If you want a fixed monthly income, don't be a trader.
Читать полностью…
[Don’t be fooled by this trading law…]
Here’s a process that most traders go through…
— Learn a new trading strategy to trade the markets
— When the trading strategy stops working, try something new
— When something “new” stops working, try something else
— Rinse repeat over again
Now, what’s wrong with it?
Well, if you abandon your trading strategy after a few losses, then it’s like saying a coin is fake when it comes up 5 heads in a row.
That’s silly, right?
You know that in the short-run, a coin could come up heads (or tails) multiple times in a row.
But if you toss the coin 1,000 times, then you’re likely to get closer to 50% heads and 50% tails.
Now this concept is the same as trading.
In the short-run, your trading results are random. But in the long-run, it’ll align towards your system’s expectancy.
So, don’t abandon your trading strategy after a few losses.
Instead, give your trading strategy time to play out its edge (at least 100 trades or more) before concluding whether it works, or not.
Or else, you’re just getting fooled by the law of large numbers—you’ve been warned.
A Beginner’s Guide To Ichimoku Cloud Strategy
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How To Grow A Small Trading Account
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Do you want to learn how to systematically beat the markets? Then this live webinar is for you.
During this 2-hour event, you’ll discover systematic trading strategies that work so you can beat the markets—even if you have tried everything else and failed.
The best part?
You don’t have to analyze financial reports, study chart patterns, or follow the news.
Learn more: https://www.tradingwithrayner.com/sts/
Good trading isn't about how much you make.
You can make money on poor decisions and lose money on good decisions.
Instead, focus on the process.
Trade with an edge. Execute your trades consistently. And have proper risk management.
[Keep an eye on volatility to manage your trades better]
Here’s the thing:
The market moves in volatility cycles—from a low period of volatility to high volatility, and vice versa.
This means if the market is in a low volatility environment, it’s a sign the market is about to make a big move (and you want to be prepared for it).
Here’s an example…
Let’s say you went long on the 4-hour timeframe and the market quickly moves in your favour.
Also, you noticed the daily timeframe has formed a buildup, a low volatility price pattern which looks like a “squeeze”.
So, what do you do?
— Hold your trade with the hopes that if volatility expands, it does so in your favour
— Exit your trade at the nearest swing high as the market might reverse against you
— I don’t know
For me, I’d hold my trade because there’s a huge profit potential if volatility expands in my favour.
Don't take losses personally because the market has nothing against you.
It doesn’t know who you are, what you do, or why you traded.
Instead, it’s an opportunity to learn what works and what don't, so you can become a better trader—and that’s how winning is done!
[Pay attention to how long it took a chart pattern to be formed]
Here’s the deal:
The more time the market spends forming a reversal chart pattern, the more significant it is.
For example, if you compare a head and shoulders pattern that takes 30 candles to form against another that takes 100 candles to form.
Which is more significant?
Of course, it’s the one with a longer duration.
Why?
Two reasons.
#1: It’s more obvious and attracts attention from more traders.
#2: More resting orders are placed around the neckline of the head and shoulder patterns (from bullish traders who expect support to hold or, short traders looking to sell the breakdown).
Whatever the case is, the longer it takes for reversal patterns to form, the more significant it is.
A casino doesn't make money by predicting.
They manage their risk and let their edge play out—and it's the same for trading.